Hints of a slowdown in the UK property market
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by Elaine Frei
According to a report from Hometrack, the independent property research company, house price growth for July was just 0.1%, in line with recent predictions of a slowdown in the UK property market.
The slowdown has been driven by an increase in the supply of housing for sale over the last few months. While the growth in supply across the country appears to have moderated, demand is expected to remain weak over the latter half of the year as the effect of higher interest rates continue to feed into the market.
Hometrack added that prices increased in just three areas in England and Wales, these were in London, Wales and the South East. However, prices dropped in Humberside, Yorkshire and the East Midlands.
The report by Hometrack follows recent reports of a slowdown in the UK property market, with both Nationwide and Halifaxâ€™s property price studies showing price increases easing off.
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